OREANDA-NEWS. National Rating Agency has affirmed its 'BBB+' national scale credit rating on Reserve Trust Company CJSC (ZAO 'Reserve Trust Company'). The rating had been originally assigned on May 30, 2012, and subsequently affirmed on July 15, 2013, and August 5, 2014.

The rating is underpinned by the company's adequate diversification of investments, precise implementation of the long-term development strategy, which includes direct investments in complex infrastructure projects on the basis of public-private partnership, thus ensuring a stable cash flow and minimizing risks at all stages of the investment projects.

The rating is constrained by the long payback period of new investment projects, low capital adequacy, significant debt load in relation to operating and financial performance, high concentration of a project financing structure, as well as the rising cost of debt servicing. The Agency also notes that the company's projects depend on currency exchange rate fluctuations due to the projects with a high component of imported equipment, which under conditions of national currency devaluation resulted in additional financial expenses, redesigning a number of projects and prolonging its implementation.